dollar drop

 
 

Euro drops to 28-month low on growth concerns

NEW YORK, Oct 1 — The euro fell to its lowest in two-and-a-half years against the US dollar yesterday as concerns about euro zone growth weighed on the single currency, while the greenback benefited from seasonal demand an uncertainty arising from…


Dollar stands tall as investors seek shelter

SINGAPORE, Sept 30 — The dollar found broad support today as global political uncertainty and fears over a widening of the Sino-U.S trade war kept investors in safe harbours ahead of a slew of global economic indicators this week. The greenback…


Dollar stands tall as investors seek shelter

SINGAPORE, Sept 30 — The dollar found broad support today as global political uncertainty and fears over a widening of the Sino-U.S trade war kept investors in safe harbours ahead of a slew of global economic indicators this week. The greenback…


Dollar recovers from Trump impeachment damage; trade tensions weigh

LONDON, Sept 25 — The dollar recovered today after falling when a formal impeachment inquiry began against US President Donald Trump, while the latest Sino-US trade row hurt currencies correlated with global growth. The dollar dropped yesterday…


US dollar rallies as cautious Fed clouds rate-cut outlook

SINGAPORE, Sept 19 — The US dollar stood tall today after the US Federal Reserve cut rates by 25 basis points, as expected, but its chairman signalled a higher bar for future rate cuts. The greenback touched a seven-week high of 108.47 against the…


Aussie slips towards 10-year low as US-China trade hopes ebb

TOKYO, Aug 30 — The Australian dollar slipped towards a 10-year trough while the yen hovered off its lows today, as renewed hope that China and the United States could get their negotiations back on track began to fade. The US currency was also…


Aussie slips towards 10-yr low as U.S.-China trade hopes ebb

TOKYO: The Australian dollar slipped towards a 10-year trough while the yen hovered off its lows on Friday, as renewed hope that China and the United States could get their negotiations back on track began to fade.

The U.S. currency was also supported by investors’ month-end rebalancing needs, which has helped lift the dollar index to its highest level in a month.

The index is last up 0.1% at 98.555.

The Australian dollar, often seen as a proxy bet on the Chinese economy, fell 0.31% to $0.67095, about a third of a cent above its 10-year low of $0.66775 hit on Aug. 7.

Adding to the Aussie’s woes, the country’s building approvals unexpectedly plunged to a six-year low.

The New Zealand dollar dropped 0.30% to a four-year low of $0.6290. It is the worst performing G10 currency this month with a fall of 4.1%.

The yen held flat at 106.49 per dollar, off this week’s low of 106.68 hit the previous day.

Risk assets got a mild lift on Thursday after China’s commerce ministry said Beijing and Washington were discussing the next round of face-to-face talks in September, but the effect was short-lived.

Washington is due to start imposing 15% tariffs on $125 billion worth of goods from China on Sunday, affecting a vast number of consumer items from smart speakers to sneakers.

Investors fear the intensifying trade dispute could lead the U.S. economy into a recession, a scenario that has become more of a reality this week after the U.S. bond yield curve inverted, a highly reliable indicator of a recession.

“The talking point is still the U.S. yield curve inversion and whether the U.S. economy heads into a recession…In short, the atmosphere is not so good,” said Bart Wakabayashi, Tokyo branch manager of State Street.

In addition, political risks from the UK to Hong Kong and the Middle East added to risks for the global economy and kept many investors on edge.

Despite the dollar’s rebound against the yen this week, the Japanese currency is the best performer among major currencies this month, rising 2.2% so far.

The second best was the Swiss franc, which has gained 0.7% so far this month, to 0.9879 per dollar.

“There are so many geopolitical risk factors now. Not to mention U.S.-China trade conflicts, we have Brexit, Hong Kong and the Middle East. So we should expect the yen to jump from time to time,” said Minori Uchida, chief currency analyst at MUFG Bank.

The euro eased 0.12% to $1.1043, near a four-week low of $1.1042 touched on Thursday, hurt by a sluggish euro zone economy and likely monetary easing from the European Central Bank (ECB) next month.

Christine Lagarde, the ECB’s next president, said on Thursday the central bank still has room to cut interest rates if needed, although this may pose financial stability risk.

German inflation slowed in August and unemployment rose, data showed on Thursday, adding to signs that Europe’s largest economy is running out of steam and cementing expectations of a new ECB stimulus package next month.

Sterling traded at $1.2183, on course to post its first weekly loss in three weeks on growing worries about a no-deal Brexit at the end of October.

British Prime Minister Boris Johnson suspended parliament for more than a month to dodge a possible no-confidence vote and take Britain out of the European Union on the Oct. 31 deadline. – Reuters


Asian shares falter as US-China trade war, recession worries weigh

SHANGHAI, Aug 12 — Asian shares fell this morning, while gold prices held firm as investors worried a prolonged Sino-US trade war could tip the world and US economies into recession. In early trade, MSCI’s broadest index of Asia-Pacific shares…


Euro weakens as investors raise bets on imminent ECB rate cut

LONDON, July 19 — The euro fell against a rebounding US dollar today and hit a 2-year low versus the Swiss franc, as investors ramped up bets for a European Central Bank interest rate cut as early as next week. Money markets are now pricing in a…


Wall Street stocks up, dollar drops on rate-cut optimism

NEW YORK, July 13 ― Wall Street stocks closed higher and the dollar fell yesterday as investors prepared for a US interest-rate cut, while oil futures were little changed as a forecast for a global crude surplus offset worries about US output…